New York City
°F
New York City
New York City
°F
New York City
Annual Letters
December 30, 2024
Team,
I look forward to the time and space this time of year provides.
+ As I reflect on this past year, I am incredibly proud of all that we have achieved together. Our progress has been driven by our intentionality regarding talent and culture, a relentless work ethic, and first principles thinking centered on investments and firm strategy.
+ We have climbed many mountains that we had no right to climb. Many have doubted us as we did not have the necessary experience, training, or equipment. Most would be satisfied by how far we have come, but complacency ultimately leads to mediocrity. At Thrive, when we are finished with one climb, we immediately look for the next one.
+ Thrive is an enabling technology for the future that we want to see. The companies we are fortunate to partner with are rewriting the future. We aim to enable technology that future generations will inherit, creating a better world. It is essential that we continue to take a longer view than many — based on a belief that category-defining companies tend to create structural compounding advantages and impact over long arcs.
+ It is crucial that we have humility around our place in the technology ecosystem. Our founders are the heroes. We are not Da Vinci; we are Medici. If we succeed in our work, we will empower the next generation of great artists to realize their full potential and create their life’s masterpieces.
+ Thrive’s mission transcends any single individual. Striving to be the best requires excellence in every function and at every level. Our commitment to being concentrated in people and ideas reflects not only our investment philosophy but also our approach to building an exceptional team. This focus enables us to serve our founders and limited partners with unwavering dedication.
+ Our strength lies in our quiet conviction, not in the allure that comes with outward display. True power does not shout, it moves quietly and decisively. The loudest one in the room is the weakest one in the room.” - Frank Lucas / American Gangster
+ I have witnessed too many times how external validation can distort even the most disciplined minds. Our achievements have been built on the courage to challenge the status quo and the resolve to chart our own course. Just as we have ignored our critics in the past, we must now guard against the lure of praise. The louder the praise or criticism becomes, the more steadfast our resolve must be to remain focused on our work. We are only a small fraction of our potential. We must continue to focus on our craft and break the “inner ring.”
+ I once had a conversation with Rick Rubin that left a lasting impression on me. He shared that artists often create their first album from the heart, driven purely by their authentic vision. But if that album is recognized and celebrated, the temptation arises to create the next one for external validation—shaped by what they think others want. The best path, he told me, is to simply be yourself. “If you create for others,” he said, “you won’t truly understand why you were right if you succeed, and if you fail, it will leave you deeply unsettled. But if you create from your authentic self, success will feel profoundly fulfilling because it was yours, and failure will at least feel honest—because it was still you.”
+ We must continue to be open-minded to the reality that many of our convictions might ultimately not be correct. Humility and self-awareness generate consistent self-improvement. We have only succeeded because we have failed. We have only won because we have lost. We must continue to learn from every experience as they have shaped who we are today.
+ We must continue to act as creators and renegades. We have achieved all that we have through our unwavering commitment to independent thought and our refusal to succumb to conventional wisdom. As Howard Roark in The Fountainhead brilliantly notes, “The creator stands on his own judgment. The parasite follows the opinions of others. The creator thinks. The parasite copies. The creator produces. The parasite loots.”
+ We are motivated differently than our peers. It is important that this always remains the case. Business is an expression of the people running it. We must continue to operate with purpose and must never compromise our values or principles. The world is changing, and it is our duty to ensure that it shifts towards good. We must remain aware that greed, power, and unchecked ambition often drive others. Our strength will lie in staying principled and focused amidst these forces. Success demands a balance of compassion and strength. In a world where influence and ambition drive actions, we must remain both kind and tough. Kindness without toughness falters, and toughness without kindness corrodes. Our role is to navigate this balance as the rules shift and power tempts others to act without principle. Let us remember that our actions today will define our legacy tomorrow.
+ The technological breakthroughs that will occur over the next decade will be unlike anything we have ever experienced before. The opportunities ahead demand that we remain bold, curious, and relentless in our pursuit of excellence. The best innovations are still to come, and they require our collective courage and creativity. This is the moment for us all to give everything that we have. As always, “heads down, ignore the noise, and the rest will fall into place.:
As we approach the close of this year, let us take a moment to appreciate not only our achievements but also the journey, the relationships we have built, and the impact we have had together. It is a true honor to work alongside all of you. What we are building together is special. It is clear to me that the best is yet to come.
yours,
Josh
December 30, 2024
Team,
I look forward to the time and space this time of year provides.
+ As I reflect on this past year, I am incredibly proud of all that we have achieved together. Our progress has been driven by our intentionality regarding talent and culture, a relentless work ethic, and first principles thinking centered on investments and firm strategy.
+ We have climbed many mountains that we had no right to climb. Many have doubted us as we did not have the necessary experience, training, or equipment. Most would be satisfied by how far we have come, but complacency ultimately leads to mediocrity. At Thrive, when we are finished with one climb, we immediately look for the next one.
+ Thrive is an enabling technology for the future that we want to see. The companies we are fortunate to partner with are rewriting the future. We aim to enable technology that future generations will inherit, creating a better world. It is essential that we continue to take a longer view than many — based on a belief that category-defining companies tend to create structural compounding advantages and impact over long arcs.
+ It is crucial that we have humility around our place in the technology ecosystem. Our founders are the heroes. We are not Da Vinci; we are Medici. If we succeed in our work, we will empower the next generation of great artists to realize their full potential and create their life’s masterpieces.
+ Thrive’s mission transcends any single individual. Striving to be the best requires excellence in every function and at every level. Our commitment to being concentrated in people and ideas reflects not only our investment philosophy but also our approach to building an exceptional team. This focus enables us to serve our founders and limited partners with unwavering dedication.
+ Our strength lies in our quiet conviction, not in the allure that comes with outward display. True power does not shout, it moves quietly and decisively. The loudest one in the room is the weakest one in the room.” - Frank Lucas / American Gangster
+ I have witnessed too many times how external validation can distort even the most disciplined minds. Our achievements have been built on the courage to challenge the status quo and the resolve to chart our own course. Just as we have ignored our critics in the past, we must now guard against the lure of praise. The louder the praise or criticism becomes, the more steadfast our resolve must be to remain focused on our work. We are only a small fraction of our potential. We must continue to focus on our craft and break the “inner ring.”
+ I once had a conversation with Rick Rubin that left a lasting impression on me. He shared that artists often create their first album from the heart, driven purely by their authentic vision. But if that album is recognized and celebrated, the temptation arises to create the next one for external validation—shaped by what they think others want. The best path, he told me, is to simply be yourself. “If you create for others,” he said, “you won’t truly understand why you were right if you succeed, and if you fail, it will leave you deeply unsettled. But if you create from your authentic self, success will feel profoundly fulfilling because it was yours, and failure will at least feel honest—because it was still you.”
+ We must continue to be open-minded to the reality that many of our convictions might ultimately not be correct. Humility and self-awareness generate consistent self-improvement. We have only succeeded because we have failed. We have only won because we have lost. We must continue to learn from every experience as they have shaped who we are today.
+ We must continue to act as creators and renegades. We have achieved all that we have through our unwavering commitment to independent thought and our refusal to succumb to conventional wisdom. As Howard Roark in The Fountainhead brilliantly notes, “The creator stands on his own judgment. The parasite follows the opinions of others. The creator thinks. The parasite copies. The creator produces. The parasite loots.”
+ We are motivated differently than our peers. It is important that this always remains the case. Business is an expression of the people running it. We must continue to operate with purpose and must never compromise our values or principles. The world is changing, and it is our duty to ensure that it shifts towards good. We must remain aware that greed, power, and unchecked ambition often drive others. Our strength will lie in staying principled and focused amidst these forces. Success demands a balance of compassion and strength. In a world where influence and ambition drive actions, we must remain both kind and tough. Kindness without toughness falters, and toughness without kindness corrodes. Our role is to navigate this balance as the rules shift and power tempts others to act without principle. Let us remember that our actions today will define our legacy tomorrow.
+ The technological breakthroughs that will occur over the next decade will be unlike anything we have ever experienced before. The opportunities ahead demand that we remain bold, curious, and relentless in our pursuit of excellence. The best innovations are still to come, and they require our collective courage and creativity. This is the moment for us all to give everything that we have. As always, “heads down, ignore the noise, and the rest will fall into place.:
As we approach the close of this year, let us take a moment to appreciate not only our achievements but also the journey, the relationships we have built, and the impact we have had together. It is a true honor to work alongside all of you. What we are building together is special. It is clear to me that the best is yet to come.
yours,
Josh